When selling real estate, sellers and agents have a legal obligation to tell everything known about a home. The majority of lawsuits relate to people believing that a seller purposely hid facts. The following are seller disclosure requirements for Southern NH homes.
Why Must Sellers Disclose?
Disclosing material facts is vital. In minor cases, not divulging information about a residence may simply lead to a party spending money on repairs. In more severe cases, it may cause bodily injury. There was a instance where an HVAC system issue resulted in the death of the new homeowners and to the seller being guilty of manslaughter. Sellers may worry that disclosing particular problems impacts the ability to sell or the amount for which it sells, but hiding facts may have much more severe outcomes.
Methods of Disclosure
In the state of NH, there is a special form for seller disclosure. The form lists a variety of home features and contains appropriate fields to indicate the age and condition of each. Reporting all problems, even repairs, is best. Buyers will always discover the problems anyway during inspections, after they move in, or when speaking to neighbors. Furthermore, buyers usually negotiate repairs more aggressively after inspections than if known beforehand.
Seller Disclosure Requirements For Southern NH Homes
Being up-front about issues in a listing leads to a smoother sale and minimizes liability later. Sellers do not need to provide personal information such as the reason for selling, but must offer everything about the residence itself. This article with seller disclosure requirements for Southern NH homes was written by Sharyn Kelley at Suburban Realty Inc. and is intended as an overview. For additional information on home disclosures and the home selling process, contact Sharyn at 603-668-5757.